Key Points
The new rules aim to streamline the management of PPF accounts, particularly for minors, individuals with multiple accounts, and Non-Resident Indians (NRIs)..
The Ministry of Finance's Department of Economic Affairs has unveiled updated guidelines for Public Provident Fund (PPF) accounts, set to take effect on October 1, 2024...
Under the new regulations, these accounts will earn interest at the rate applicable to Post Office Savings Accounts (POSA) until the minor turns 18...
Additionally, the maturity period for these accounts will be calculated from the date the minor attains adulthood, making it easier for them to manage their finances as they grow older...
For individuals who hold multiple PPF accounts, the new rules clarify how interest will be calculated...
